US economy expands 2.8% in second quarter, beating expectations
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The U.S. economy posted robust growth in the second quarter, driven by strong consumer and government spending, along with a significant increase in inventories, according to an initial estimate from the Commerce Department released Thursday.
From April to June, real gross domestic product (GDP), which measures the value of all goods and services produced, grew at an annualized rate of 2.8% after adjusting for seasonality and inflation. That beat the 2.1% growth forecast by economists polled by Dow Jones and improved from the 1.4% growth in the first quarter.
The first of three estimates highlighted the significant contributions of consumer spending, private inventory investment, and nonresidential fixed investment to GDP growth. Personal consumption expendi...